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Jim Gorman doesn’t need to let anyone go this holiday season. Morgan Stanley’s still No. 1 in trading. It bested estimates in the third quarter. Shares are up 25% this year.

In spite of all that, Gorman feels uneasy. Brexit, Trump, macroeconomic concerns, a general malaise, a certain sense of ennui. Jim Gorman doesn’t know that any of that will turn out, or turn out badly for the (other) House of Morgan. But he’d sure feel a lot better if he weren’t paying 2% of you going forward. So, he’s, uh, not gonna. Merry Christmas.

Morgan Stanley is cutting roughly 2% of its workforce due to an uncertain global economic outlook, according to people with knowledge of the situation./The job cuts at the investment bank, the world’s biggest equities trading firm and a leading mergers adviser, will hit technology and operations roles hardest, said the people, who declined to be named.

Morgan Stanley is cutting jobs due to uncertain global environment, sources say [CNBC]


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James Gorman Is Not Amused

What the hell is wrong with you people?

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Paranoia Pays Off For James Gorman

Morgan Stanley paid $124 million to make people go away and still set profit records.

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James Gorman Worried He Won’t Set Another Earnings Record Next Quarter

I mean, sure, a 50% jump in profits seems great, but he wouldn’t want to set expectations too high.

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James Gorman Has A Nifty New Euphemism For ‘Pay Cut’

Morgan Stanley decides compensation is only for closers.

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James Gorman Introduces The Denver Discount

“If you want to get paid New York rates, you work in New York.”

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Bonus Watch ’20: Last Year Would Have Been A Great One To Work At Goldman, Morgan Stanley If Not For, You Know…

D-Sol and J-Gorm really would like to share they year’s bounty with you, but they just can’t right now.